BTC

It is instinctive to associate the rapidly surging market of cryptocurrencies with Bitcoin – the most valuable currency in the cryptosphere and one that has been in the spotlight of financial media over the last 12 months.

Indeed, despite Bitcoin’s meteoric price rise, other cryptocurrencies have also skyrocketed – at rates faster than Bitcoin. Facing trading restrictions and bans from other countries – as well as having frustratingly high transaction fees and low processing times – there is a chance that another newer cryptocurrency may seriously rival Bitcoin this year.

Bitcoin Predicted to Crash in 2018
In their 156-page report titled “Fool’s Gold: Unearthing The World of Cryptocurrency,” the firm comprehensively stated that the current bitcoin price above $14,000 is a bubble and does not reflect the true worth of the cryptocurrency. Quinlan associates argued in their write-up that the current price is unreal for bitcoin both as a store of value and a medium of exchange.
The report read:
“As an asset, we valued Bitcoin using a cost of production approach and a store of value approach, resulting in values of $2,161 and $687 respectively. To value BTC as a currency, we estimated its utilisation for both legal, retail transaction payments, as well as payments in the black market. After significant testing, we calculated the price of BTC to be $1,780.”

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The platform uses blockchain technology, the backbone of bitcoin and other digital currencies that have surged in recent months and raised fears of a price bubble.

The stock was last up 92 percent at $5.95 in midafternoon trading on the New York Stock Exchange, off an earlier high at $6.65.

The film pioneer founded over a century ago has struggled to transform itself into an imaging software and technology company. Kodak was a Dow Jones Industrials .DJI component until April 2004, and its stock has slumped 90 percent since it emerged from bankruptcy in 2013.